Oasis is having a big effect on the British and Irish economy
The Oasis reunion tour is about six weeks old and hasn’t left the UK and Ireland yet, but already it’s a massive generator of economic activity, both positive and negative. Here are some highlights.
- 1.4 million fans in the UK saw the band. About 14 million tried to get tickets. That’s 20% of the population.
- Adidas has seen an amazing bump in sales. They have 26 pieces of Oasis-related merch available online, at pop-up stores, and at merch tables at venues.
- Land Rover is the official touring partner. They sponsored a mural of the band in Manchester.
- Berghaus and Burberry have Liam Gallagher-related clothing.
- Lots and lots and lots of bucket hats have been sold.
- Revenue from ticket sales and merch is already estimated to be US$541 million.
- By the time it’s all over, Barclay’s Bank forecasts that $1.9 billion (that’s Canadian dollars) will be spent on the tour. That works out to $1400 per person.
Nice. But there’s also some bad news, too. When the numbers come out in September, it’s likely that Oasis will have contributed to a rising UK inflation rate. The rise could be as much as four basis points. All the spending on tickets, merch, transportation, hotel rooms, and food costs is forcing prices up on the Consumer Price Index. Economists are warning of a tick up in inflation and are cautioning the Bank of England not to get bent out of shape. Now that the tour has moved on from the UK and Ireland, things will settle down.
With only two Canadian dates, both in Toronto, Oasis will unlikely have an effect on our inflation rate. We’ve got bigger problems.
